Sunday, April 29, 2018

France: "Crypto Is Now ‘Moveable Property’, Tax Down From 45 To 19 Percent"

Le jour de gloire est arrivé! Or something.
From CoinTelegraph:

France’s
Conseil d’Etat (Council of State) has changed the tax rate on
cryptocurrency sales to a flat rate of 19 percent, rather than up to 45
percent like before, local news outlet, Le Monde reported Thursday, April 26.

The Council of State said that the tax change comes from a new classification of Bitcoin (BTC) separate from commercial or non-commercial activity:

“The sale of ‘bitcoins’ [fell under] the principle from the category of capital gains of movable property.”

The
exceptions to the flat rate are earnings from crypto mining, which will
be taxed as non-commercial profits, and income as a result of
professional activity, which will be taxed as industrial and commercial
profits.

Le Monde noted that the decision to change the crypto tax
rate came after citizens appealed to France’s highest regulatory body
earlier this year to change the regulations for crypto transactions that
had been in place since July 2014....MORE